RAID 0 can (for the right kind of workload) almost double the sequential transfer performance over a single disk - but it won't do much if anything to improve access times, and therefore random I/O performance really isn't any better.
Since the big reason to buy a velociraptor is random I/O performance, putting them into a RAID 0 set doesn't really get you any more of what you're paying that premium for.
To really improve random performance you're a lot better off spending the money on a solid state disk (SSD). You won't get the same capacity as a Velociraptor, but you'll get a huge performance improvement.